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Ways to Use Your Home's Equity

When it comes to utilizing the equity in your home, the most common use is home improvement projects, but there are also many other ways to use a Home Equity Loan or Line of Credit (HELOC).

Home Improvements
Projects such as remodeling a kitchen, upgrading exterior siding, and making certain energy-efficient upgrades can add value to your home. A HELOC operates as a revolving line of credit, which allows you to borrow only what you need, pay it back, and then draw more as your project progresses.

Unexpected Expenses
It's always a good idea to have an "emergency fund" available, but having a HELOC on-hand to cover unexpected and costly expenses is another option that provides added peace of mind if a costly emergency should arise.

Debt Consolidation
Consolidating high-interest debt could save you money in the long run. Paying off your debt using a Home Equity Loan can save you money and pay down the principal faster by combining your high-interest debts into one monthly payment.

Education Expenses
A HELOC may be a good option for ongoing education expenses like tuition, books, and supplies. Once college is complete, a Home Equity Loan may be a good way to consolidate student loan debt.

This article is for general information only and not intended to provide specific advice or recommendations for any individual.